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1 answer:
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Answer:
They need to deposit $31,172.49
Step-by-step explanation:
The compound interest formula is given by:
Where A is the amount of money, P is the principal(the initial sum of money), r is the interest rate(as a decimal value), n is the number of times that interest is compounded per year and t is the time the money is invested or borrowed for, in years.
In this problem
We want to find P for which when
So
They need to deposit $31,172.49